GARDEN CITY, N.Y. - Beyond Air, Inc. (NASDAQ: NASDAQ:XAIR), a medical device and biopharmaceutical company, has announced a registered direct offering priced at-the-market under Nasdaq rules. The company will sell approximately 9.6 million shares of common stock and warrants to purchase an equal number of shares to healthcare-focused institutional investors and accredited investors, including some of its directors and officers.
Each share and accompanying warrant is priced at $1.66, with the warrants exercisable immediately at $2.25 per share and valid for three years post-issuance. Beyond Air expects to close the offering around March 22, 2024, subject to customary closing conditions. The gross proceeds are anticipated to be roughly $16 million before fees and expenses.
The company plans to allocate the net proceeds to fund commercial sales development, research, working capital, and general corporate purposes. Roth Capital Partners and Laidlaw & Company (UK) Ltd. served as co-placement agents for the transaction.
Beyond Air is known for its FDA-approved LungFit® PH system, designed to treat neonates with hypoxic respiratory failure, and is advancing clinical trials for other severe lung infections. Additionally, the company is exploring treatments for autism spectrum disorder (ASD) and other neurological disorders in partnership with The Hebrew University of Jerusalem. Beyond Cancer, Ltd., an affiliate, is investigating treatments for solid tumors using ultra-high concentrations of nitric oxide.
This offering is made through an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC), which was declared effective on February 1, 2022. The final prospectus supplement and accompanying prospectus related to the offering will be available on the SEC's website.
The information provided is based on a press release statement from Beyond Air, Inc.
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